Dubai Islamic Bank Car Lease operates according to the diminishing musharka mode which is based on the concept of joint ownership/partnership. Customer share is treated the same as customer share/investment. The bank’s funding is considered the customer’s share/investment. The monthly rental covers the principal installment, rental amount, and takaful installment. The customer purchases the bank’s portion in units. The rental amount is the rent that you pay to use the bank’s part. Dubai Islamic car financing can also be offered on the Ijarah basis. This is a rental agreement, and the customer does not become a joint owner. Nearly all Islamic banks offer vehicles with diminishing musharaka. Dubai Islamic Bank offers a loan calculator online to assist customers. This is how the Dib Car Loan Calculator can help you.
How to use the Dubai Islamic Bank Car Loan Calculator
We have provided easy steps to use the Islamic Bank Car Loan Calculator by DIB.
Step 1: Click the Dubai Islamic Bank Car Calculator H3
Click on the “Auto Finance Calculator” button to go to DIB’s website for auto-financing.
Step 2: Choose the purpose of financing
The interface of the Islamic Bank Car Loan Calculator allows you to select the purpose of financing: New Vehicle, Used Vehicle or Home Finance. Click on the New Vehicle button to get Dubai Islamic Bank Car Finance to purchase a new car. If you are looking for financing to buy a used car, click on the Used Vehicle option.
Step 3: Choose Make
Once you’ve clicked on a vehicle, you can use the drop-down menu for the make and model of the vehicle that you wish to finance with a DIB Car Loan. If you are looking to finance a Suzuki car in Pakistan, then select Suzuki from drop-down menu. Click on “Used Vehicle” to finance a vehicle with DIB Car Finance.
Step 4: Choose a Model
After you have chosen the make of vehicle you wish to lease under the Dubai Islamic Bank Car Lease Facility, you can use the drop-down menu for the model you wish to finance with DIB Car Finance. If you are looking to finance Suzuki cultus then choose cultus from this menu. The drop-down menu on the Islamic Bank Car Loan Calculator allows you to see all variants of each make. This option is not available if you have chosen a used vehicle.
Step 5: Choose a Financing Period
After you’ve selected the car model and car, the Dubai Islamic Bank Calculator will calculate the current price for that vehicle. Select the Dubai Islamic Bank Car Financing term from the drop-down menu. Maximum tenure for vehicles less than 1000 CC is 7 years. For vehicles greater than 1000 CC, it is 5 years. The year of manufacture of the vehicle may affect the maximum tenor for used vehicles. It is usually not longer than five years for any engine.
Step 6: Select Customer share
Select your participation from the drop-down menu on the Dubai Islamic Bank car loan calculator. This is the amount that you are willing to and able contribute. The minimum allowed contribution for 1000 CC cars and smaller is 15%. For vehicles over 1000 CC, it is 30%. If you finance used or imported vehicles, these requirements can vary from one bank to the next. You can move to the next menu using the Dib Car Loan Calculator.
Step 7: Click Calculate
After you’ve completed all information on the Dubai Islamic Bank Car Calculator click the “Calculate” button. The Dubai Islamic Bank Car Loan Calculator calculates and displays the monthly rental amount. This rental does not include a monthly takaful payment. This rental only covers your monthly principal repayments and monthly rental.